Bill Text: HI HCR72 | 2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Requesting The Insurance Commissioner To Coordinate And Develop A Wildfire Insurance Compact.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-02 - The committee(s) on CPC recommend(s) that the measure be deferred. [HCR72 Detail]

Download: Hawaii-2024-HCR72-Introduced.html

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HOUSE OF REPRESENTATIVES	H.C.R. NO.	72
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

 

 

requesting the insurance commissioner to coordinate and develop a wildfire insurance compact.

 

 

 

     WHEREAS, the State is facing the increasing challenge of wildfires, which has been exacerbated by climate change that is responsible for more intense and more frequent extreme events such as wildfires, storms, droughts, and floods; and

 

     WHEREAS, wildfires pose significant risks to the health, safety, and welfare of the State's residents, visitors, and businesses; and

 

     WHEREAS, on August 8, 2023, swift moving wildfires fueled by dry grass and spread by strong winds from a passing hurricane wiped out almost the entire town of Lahaina in west Maui, in the nation's deadliest wildfire in more than a century; and

 

     WHEREAS, at least one hundred fifteen people lost their life in the fire, over two thousand two hundred buildings were destroyed and another five hundred damaged, resulting in property losses in the billions; and

 

     WHEREAS, the impacts from the Lahaina wildfires were devasting to the west Maui community and, with impacts felt throughout the entire State; and

 

     WHEREAS, the recovery is expected to be long and arduous; and

 

     WHEREAS, the aftermath of the deadly Lahaina wildfires poses a significant strain on local insurance companies and communities; and

 

     WHEREAS, there are concerns that the wildfires could trigger insurance companies to reevaluate the risks associated with offering coverage to homeowners in Hawaii, which has long been considered a relatively stable market compared to other states; and

 

     WHEREAS, the increased risk of wildfires and the resulting challenges for insurance companies means the State should explore a coordinated approach to mitigate and manage these risks; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, the Senate concurring, that the Insurance Commissioner is requested to coordinate and develop a Wildfire Insurance Compact with strategic partner states that have similar wildfire risks or robust disaster management systems; and

 

     BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to develop a Wildfire Insurance Compact that focuses primarily on risk pooling and informational technology sharing to mitigate and share the risks and costs associated with wildfires; and

 

     BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to propose any necessary legislation that can assist in the funding of policies and programs available through the Wildfire Insurance Compact through taxes or surcharges on existing taxes; and

 

     BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to ensure that the policies and programs offered by the Wildfire Insurance Compact directly benefit vulnerable populations and communities; and

 

     BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Insurance Commissioner.

 

 

 

OFFERED BY:

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Report Title: 

Insurance Commissioner; Wildfire Insurance Compact; Insurance